Four Essential Tampa Estate Planning Tasks For Millennials
Estate planning in Tampa is important for anyone, at any age, and is not something reserved just for older adults or retirees. As millennials, which is the generation born between 1981 and 1996, reach important milestones in life, such as getting married, starting a family, and buying a home, they need the protections estate planning provides. Our Tampa estate planning lawyer highlights four essential tasks every millennial should complete.
- Create A Last Will and Testament.
A Tampa will provides a complete list of all your assets and acts as a guide through Hillsborough County Probate Court proceedings. It is the cornerstone of any estate plan, regardless of age or wealth, allowing you to:
- Designate beneficiaries for your property and assets, including bank accounts, real estate, and personal belongings.
- Appoint a guardian for minor children if you are a parent.
- Name an executor, which is the person who represents you in probate and oversees the distribution of your estate.
Without a will, Florida’s intestacy laws determine the distribution of assets, which may not align with your wishes. Having a legally valid will ensures your estate is handled according to your preferences.
- Designate Power of Attorney.
A durable power of attorney (POA) in Tampa authorizes someone you trust to handle your financial affairs in the event an unexpected health issue or accidental injuries leave you incapacitated. A POA grants your chosen agent the authority to:
- Pay bills and manage bank accounts.
- Handle real estate transactions.
- Make investment decisions on your behalf.
Without this document, loved ones may need to go through a lengthy and costly court process in order to handle your financial affairs.
- Complete Tampa Healthcare Advance Directives.
Tampa healthcare advance directives, which may include a living will, healthcare power of attorney, and DNR (do not resuscitate) orders, outline your medical preferences in case you become incapacitated. They allow you to:
- Specify what medical treatments you do or do not want in critical situations.
- Designate a healthcare surrogate, who is authorized to make medical decisions on your behalf.
- Ensure your wishes are respected by healthcare providers and loved ones.
Under the Florida Statutes, doctors and other providers must follow the instructions laid out in healthcare directives, which reduces conflicts and prevents loved ones from having to make sensitive healthcare decisions.
- Update Beneficiary Designations.
Bank accounts, retirement benefits, and life insurance pass directly to your beneficiaries. Review and update designations to avoid problems:
- Name your primary and contingent beneficiaries;
- Update your designations after major life events like marriage, divorce, births, and deaths;
- Make sure any potential distributions align with your wishes and other Tampa estate planning documents.
For Trusted Legal Guidance, Request A Consultation Today With Our Experienced Tampa Estate Planning Lawyer
Millennials benefit from proactive estate planning. Bubley & Bubley, P.A. provides trusted legal guidance and helps you create a customized plan that reflects your specific needs. To request a consultation with our experienced Tampa estate planning lawyers, contact us today.
Sources:
hillsclerk.com/court-services/probate-guardianship-and-trust
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html
quality.healthfinder.fl.gov/report-guides/advance-directives#:~:text=The%20law%20recognizes%20the%20right,and%2For%20to%20indicate%20the
